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Digital Currency 101

Digital Currency Basics

Digital currency has grown out of the need for an alternative to the high costs and security issues related to using credit and debit cards for online transactions. Millions of people all over the world are conducting transactions in digital currency today. It's the way of future, and SpicePay makes it extra easy and affordable. Not to mention super fast.

Digital currency is essentially money in electronic form. It's used at online stores, at point-of-service (POS) sales, and in business-to-business and person-to-person transactions. It has no physical form, and is only exchanged electronically via the Bitcoin network. The system has been used, tested and refined since the late 1990s, so it is now mature enough to be considered a viable alternative to traditional banking and credit/debit cards.

"Digital currencies are issued by various independent companies, and typically purchased through a digital currency exchanger like SpicePay. Some are based on gold, while others are based on "fiat currency" such as the dollar or euro. Bitcoin is part of a decentralized, peer-to-peer digital currency system, so its value is driven by supply and demand."

Bitcoin is also very easy to use. Once you install a bitcoin wallet on your computer or mobile device, it will generate your first bitcoin address. You can easily create other bitcoin addresses as you need them, and give them to people so they can pay you or you can pay them. It's similar to how email works, and soon enough, it will be just as common.

Why Use Digital Currency?

Digital currency offers an alternative that is global, and can be transferred between accounts anywhere in the world. There are a number of advantages:

Digital currencies are cheaper: Most digital currencies are 10 times cheaper than bank card transactions and wire transfers when it comes to transaction fees. Why? Because digital currency systems are simpler and less expensive to operate. Funds are cleared instantly, there are no refunds or payment disputes to handle, and no charge-backs from credit card companies.

Bitcoin has some of the lowest usage rates out there. Leading-edge cryptographic security allows highly efficient and inexpensive processing of transactions. When you send and receive payments using SpicePay's secure exchange server, you pay only a small miner's fee (next to nothing), which ensures an extra fast and secure transaction.

Digital currencies are safer: Digital currencies grew out of the demand for more secure methods of online payment. We use encryption, which scrambles your information into a complex code that can only be decrypted by our system. Also, the merchant never sees your password. Transfers are made here, on SpicePay's exchange platform, which has multiple layers of security and fraud prevention. We are a long-term GDCA (Global Digital Currency Association) Gold Member with a superb reputation for good faith, consistency and integrity, so you're safe with us.

Digital currency is faster: When you use the bank wire system, your transaction can take several hours to clear. Credit card payments can be reversed days or even months after a transaction. This is not the case with digital currency, as all payments are instantaneous. With SpicePay, you simply make transfers, which clear immediately. It's that easy.

Digital currency is convenient: Digital currency accounts are free, easier to open than bank accounts, and come with no commitments. They're simple to use and available 24/7/365. When using digital currencies, you do not write checks - you simply make quick transfers.

Digital currency is borderless: Digital currency is global. It has no national borders, nor is it controlled by a government or central bank. This allows you to safely send a payment anywhere in the world. You can also receive digital currency from anyone in the world, for example while traveling, and convert it to the local currency at any ATM using a pre-paid debit card.

Digital currency is private: It is well known that banks track your financial activity and sell your information. Card companies store digital signatures, which are linked to the individual and describe all of your purchasing behavior. Using digital currency rather than credit/debit cards ensures much greater privacy, as practices like these are removed from the equation. Digital currency is generally anonymous and untraceable.

Digital currency gives you freedom with your money: Digital currency gives you more payment options, beyond the restrictions of bank products such as debit accounts and credit cards, regardless of your financial status, credit history or country of residence. You can create as many accounts as you like without having to provide personal information. With SpicePay, you can move money and make exchanges between accounts anytime, anywhere.

Find out more at bitcoin.org or with SpicePay now.